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Those who plan to invest in Mohan Nagar have now got reason to cheer. This locality of Ghaziabad has witnessed over 25 per cent appreciation in average property values in the last two years. Owing to growing speculation over metro connectivity and then final confirmation from GDA, DMRC and Delhi Ministry has resulted in this massive increase.

The data with Magicbricks reveals that average capital values in June 2012 were Rs 3700 per sq ft which appreciated to Rs 4400 per sq ft in June 2013 and reached 4700 per sq ft in June 2014. That means, the flat which was offered for Rs 37 lakh in 2012 is now available at Rs 47 lakh, making a steep jump of Rs 10 lakh in two years.

A city-based realtor, Anand Jagannath attributed this increase to existing and expected metro connectivity in the area. He says, “Mohan Nagar is no more seen as a distant location for residential purpose as affordable transport is available for travelling between Delhi and Ghaziabad. The area is close to the existing metro stations of Dilshad Garden and Vaishali and is soon going to have its own station.”

Another real estate agent Kishan Chowdhary informed Magicbricks that majority of the buyers in Mohan Nagar are end users working in Ghaziabad, Noida and even Delhi. Most of the residents of the locality are middle scale businessman or service class people who usually commute to Noida or Sahibabad Industrial Area.

“Maximum number of transactions happening here are from those who are living within 5km radius of Mohan Nagar. Some of them are making second investment and others are choosing this area for upgrading their lifestyle,” says Chowdhary.

Investment options

According to the data, Mohan Nagar majorly offers multi-storey apartments. A 2BHK apartment of 800 sq ft in is available for Rs 35 lakh while a 3BHK unit of 1100 sq ft is offered for Rs 50 lakh. The area rarely possesses larger units of 4BHK as they are expensive and cost more than Rs 90 lakh.

Infrastructure and connectivity

Recently Uttar Pradesh government has sanctioned nearly Rs 750 crore for Ghaziabad’s infrastructural development. This fund will be used to promote intercity connectivity through Metro and Mono rail, rapid metro services and creating basic amenities in near distance such as school, colleges and Hospitals.

Apart from this, Dilshad Garden Metro extension work has also got nod as DMRC has received funds from GDA for initiating the work. Once this line gets operational, Mohan Nagar will be directly connected to Kashmere Gate and further with Rajiv Chowk with one interchange.

In fact, widening of NH 58 and Link Road has also impacted the real estate here as traveling will become much easier for those travelers who commute Noida, Greater Noida daily.

The area has ample of school, colleges and hospitals within 6km radius.

Surbhi Gupta, Magicbricks.com Bureau

Surbhi Gupta is a real estate correspondent in Magicbricks’ editorial team with the flair of analysing the industry trends and scenario.